Answer:
Mercantilist system
Explanation:
Colonizations took place in an economic system called mercantilism. This system marks the transition between feudal economies and the capitalist model of production. In mercantilism, the European powers adopted the favorable trade balance assumptions, so that the colonies were used to guarantee this need. So there was the colonial pact, in which European countries demanded that the colonies trade only with the powers that colonized them. Thus, England secured a consumer market to export its manufactures at a high price, and demanded inputs from the colonies at a low price. The effect of this was the favorable trade balance, and the enrichment of England.
